Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net Loss $ (10,245,290) $ (11,085,164)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 43,863 31,324
Reduction of Right-of-Use Assets 98,073 113,574
Stock-Based Compensation 572,600 417,328
In-Process R&D Impairment 1,904,314 0
Change in Fair Value of Contingent Consideration 1,865,945 604,348
Change in Fair Value of Warranty Liability 0 1,425,102
Gain on Disposal of Equipment 0 (4,211)
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets 98,854 342,029
Tax Receivables (18,996) (1,174,109)
Other Assets 939 2,596
Accounts Payable (848,651) 635,153
Operating Lease Liabilities (86,863) (124,784)
Accrued Expenses (360,398) 517,681
Net Cash Used in Operating Activities (6,975,610) (8,299,133)
Investing Activities:    
Proceeds on Sale of Equipment 0 6,375
Net Cash Provided by Investing Activities 0 6,375
Financing Activities:    
Proceeds from Private Placement, Net of Offering Costs 200,000 0
Exercise of Warrants 298,500 0
Net Cash Provided by Financing Activities 6,452,487 5,377,719
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash (86,164) (133,998)
Net Change in Cash, Cash Equivalents and Restricted Cash (609,287) (3,049,037)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 6,013,816 7,899,690
Cash, Cash Equivalents and Restricted Cash, End of Period 5,404,529 4,850,653
Supplemental Disclosures of Noncash Operating and Financing Activities    
Recognition of Right-of-Use Assets and Related Lease Liabilities 0 55,415
Conversion of Preferred Stock into Common Stock 31,707 1,600
Grant of Restricted Stock Awards 2,968 0
Amounts Owed for Fractional Shares Related to the Reverse Stock Split in Accounts Payable 0 15,629
Public Offering    
Financing Activities:    
Proceeds from Public Offering and ELOC Purchases 6,325,000 5,882,739
Public and Private Placement Offering Costs (729,038) (505,020)
Private Placement    
Financing Activities:    
Public and Private Placement Offering Costs (84,285) 0
ELOC Purchases    
Financing Activities:    
Proceeds from Public Offering and ELOC Purchases $ 442,310 $ 0